ArriVent BioPharma (NASDAQ:AVBP) Trading Down 5% – Here’s Why

ArriVent BioPharma, Inc. (NASDAQ:AVBP)’s stock price traded down 5% during mid-day trading on Monday . The company traded as low as $26.15 and last traded at $26.15. 18,800 shares changed hands during trading, a decline of 80% from the average session volume of 94,543 shares. The stock had previously closed at $27.52.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Oppenheimer reissued an “outperform” rating and issued a $39.00 price target (up previously from $35.00) on shares of ArriVent BioPharma in a report on Tuesday, September 10th. HC Wainwright reiterated a “buy” rating and issued a $36.00 target price on shares of ArriVent BioPharma in a research report on Friday, November 15th. The Goldman Sachs Group upped their price target on shares of ArriVent BioPharma from $28.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Citigroup lifted their price objective on ArriVent BioPharma from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $36.80.

ArriVent BioPharma Trading Up 0.1 %

The stock’s fifty day moving average price is $28.51 and its 200-day moving average price is $25.46.

Institutional Trading of ArriVent BioPharma

Several large investors have recently bought and sold shares of AVBP. Bank of New York Mellon Corp boosted its stake in ArriVent BioPharma by 31.4% during the second quarter. Bank of New York Mellon Corp now owns 29,847 shares of the company’s stock worth $554,000 after buying an additional 7,140 shares during the last quarter. Rhumbline Advisers boosted its position in shares of ArriVent BioPharma by 30.1% during the 2nd quarter. Rhumbline Advisers now owns 12,707 shares of the company’s stock valued at $236,000 after acquiring an additional 2,942 shares during the last quarter. Novo Holdings A S boosted its position in shares of ArriVent BioPharma by 39.3% during the 2nd quarter. Novo Holdings A S now owns 1,500,000 shares of the company’s stock valued at $27,825,000 after acquiring an additional 422,860 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of ArriVent BioPharma in the third quarter valued at about $280,000. Finally, Charles Schwab Investment Management Inc. increased its position in ArriVent BioPharma by 153.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 202,368 shares of the company’s stock worth $4,756,000 after purchasing an additional 122,641 shares during the last quarter. Hedge funds and other institutional investors own 9.48% of the company’s stock.

About ArriVent BioPharma

ArriVent BioPharma, Inc operates as a clinical-stage biopharmaceutical company that engages in the identification, development, and commercialization of medicines for the unmet medical needs of patients with cancers in the United States. It also engages in the development and commercialization of targeted cancer therapies for non-small cell lung cancer (NSCLC) and other solid tumors.